NEW YORK, Aug. 31, 2006 (PRIMEZONE) -- Investors in a class action on behalf of all persons for whom Campbell Cowperthwaite, through its Large Cap Growth management team, managed plaintiff's and class members' assets through Prudential Securities Managed Assets Consulting Services ("MACS") program from January 29, 2000 through September 30, 2001, won a significant victory on August 22, 2006 when Justice Richard B. Lowe III of the Supreme Court of the State of New York, New York County denied U.S. Trust's motion for summary judgment.
Plaintiff's and the Class's claims for breach of fiduciary duty allege that defendants violated their fiduciary obligations to plaintiff and the Class by failing to properly manage and oversee the assets of the investment accounts; failing to pursue a prudent investment strategy; and over-concentrating the portfolio in certain volatile industry sectors and stocks and by failing to eliminate conflicts of interest. Plaintiff has also alleged that defendants breached their fiduciary duties because defendants' selection, monitoring and continuation of investment strategies and alternatives were negligently planned, performed and monitored. The action seeks recovery of money damages on behalf of the Class representing the amount of money that they lost as a result of the defendants' breach of fiduciary duty during the Class Period.
The Court has certified this Action to proceed as a class action pursuant to Article 9 of the Civil Practice Laws and Rules of the State of New York. However, the prosecution of the action (including the forwarding of notice to class members) has been stayed by the Court pending the outcome of U.S. Trust's appeal of the Court's decision to grant class certification.
The Court has appointed as Lead Class Counsel: Lee Squitieri, Esq. Squitieri & Fearon, LLP 32 East 57th Street 12th Floor New York, New York 10022 (212) 421-6492
THIS IS NOT A SETTLEMENT NOTICE nor is it a Notice of pendancy of class action.
If you wish to discuss this action or have any questions concerning this notice, please contact plaintiff's lead counsel, Lee Squitieri of Squitieri & Fearon, LLP at (212) 421-6492; lee@sfclasslaw.com.